In more developed countries, this issue is one that has been raging for years due to the simple fact that they had developed electronic payment channels long before other parts of the world (especially ours) embraced it fully.
In Nigeria, perhaps with the increasing popularity of Ecommerce in our financial institutions, it seems to be a relatively new challenge. ATM fraud occurs when a third party (apart from you or your bank) obtains confidential information from your card and makes use of such information to fraudulently obtain money from your account, usually through online channels.
It is very easy now for these fraudsters to access your account due to the fact that in most cases, all that is needed to process online transactions are the details printed on the surface of your card namely; your card number; which is the sixteen digit number on the front of your card, your cards expiry date and your card verification value (Security); the three or four digit number also printed on your card.
So, to protect yourself from card fraud, take special note of the following;

First, when making withdrawals from ATMs, be careful to hold your card firmly. That is not the time to show any random stranger your cards or as people who are not literate are more likely to do, give a stranger to help them withdraw cash. Just yesterday, I was at the bank to make a withdrawal and standing in the queue, I noticed this young man staring intently at my card. I had to move away from him for my own good. Who knows, he may have been trying to get my card details. Also, only call the security personnel to help you make withdrawals if you are not able to do it yourself. This is a relatively safer option.
In addition, do not under any circumstance be careless with your card, especially if you stay with strangers (e.g in a school hostel) its best you always keep your cards in a safe place, especially your handbags or wallets. That way, you alone have access to them.

Futhermore, you should be very selective the sites you use your cards to purchase from. Always verify the security certificates of the sites you need to make purchases from. Usually, secure sites have that little padlock logo displayed at the point where you have to make payments. Porn sites are the number one sites where ATM fraud occur, as these sites store your card details and use them to initiate transactions without your knowledge, so be careful when making payments to get them. As a general rule, I have a separate MasterCard which I use when I have to purchase or pay for stuff online. That account is usually empty and I just fund it with the exact amount I need when I need it.

In case you notice any fraudulent withdrawal on your account, do well to quickly report such to your bank through the customer care channels. Usually, they will block your account while they do all they can to retrieve your funds. If reported early enough, usually, you should be able to get your money back.

Finally, if all else fail, use this little trick I have tried and has worked beautifully for me; take a small piece of duct tape and tape away your Security. That way, it will be safe from prying eyes. Some people have even decided to gently wipe it off completely. Though I do not advise this as you may not recall the code when you do need it, I cannot deny that it is highly effective at protecting you to a great extent.

If you found this article useful, do share it to enlighten others. Also, feel free to leave your comments below if you have been a victim, or you need further clarification. Cheers.

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